Unit of competency details

BSBCMN408A - Report on financial activity (Release 1)


ReleaseStatusRelease date
1 1 (this release)Current 17/Aug/2001

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The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
DeletedDeleted from BSB01 Business Services Training Package (Superseded by BSB07)30/Nov/2007

Training packages that include this unit


SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  17/Aug/2001 
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Modification History

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Unit Descriptor

This unit covers the reporting of financial activity for business both in response to client requests and to meet statutory requirements such as the completion of statutory requirement reports.

This unit is related to BSBCMN308A Maintain financial records.

Competency Field



Performance Criteria

1. Compile financial information and data

1.1 Current financial data is collected, evaluated and coded to ensure consistency, quality and accuracy in accordance with organisational requirements

1.2 Conversion and consolidation procedures are used to compile analysis in accordance with organisational requirements

1.3 Asset and liability valuations are made, recorded and disclosed in accordance with organisational requirements

1.4 Discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority

2. Prepare statutory requirement reports

2.1 Income and expenditure is correctly recorded to ensure compliance with statutory requirements

2.2 Liabilities for tax are calculated in accordance with current legislation and revenue gathering practices

2.3 Relevant receipts, revenue documentation and payments are identified correctly

2.4 Statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements

2.5 Statutory requirement reports are submitted to appropriate authorities within stated deadlines

3. Provide financial business recommendations

3.1 Recommendations are logically derived and supported by evidence in report

3.2 Recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services

3.3 Recommendations are concise and facilitate direction and control of organisation s operations

3.4 Significant issues in statements including comparative financial performances are identified and prioritised for review and decision-making


The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:

Legislation, codes and national standards relevant to the workplace which may include:

award and enterprise agreements and relevant industrial instruments

relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

relevant industry codes of practice

Financial data may include:

budgets and forecasts

financial/operational statements and reports (eg. expenditures and receipts, profit and loss statements)

market valuations

budget variances

cash flow/profit reports

Australian Bureau of Statistics (ABS) economic data

financial markets monitoring services (eg, Reuters)

Organisational requirements may include:

quality assurances and/or procedures manuals

price and exchange parameters

reporting requirements

legal and organisational policy/guidelines and requirements

financial analysis assessments

Occupational Health and Safety policies, procedures and programs

recording and filing systems

standard financial analysis techniques

financial management manuals

Conversion and consolidation procedures may include:


standardised variables

moving averages

unit costs

trend analysis

Discrepancies may include:

expenditure report mismatches

incorrect payments

absence of auditable trail

inappropriate authorisations

variances from budget and phasings

unreconciled cash flows and operating statements

incorrect report formats

Statutory requirements may include:

reporting periods

taxation payment timings

delegated authorities

internal control procedures

Revenue gathering practices may include:




billing schedules

lending and financing

fees and charges

Revenue documentation may include:




sales proceeds

cash received

debit notes

Available benefits and allowances may include:



sales tax deductions

interest payments

Stated deadlines may include:

monthly returns

annual reports

lodgement dates

payment schedules

Recommendations may relate to:






cash flow

Evidence may include:

budgetary analysis

forecasts and estimates

returns on investments

order and supplier documentation

taxation and statutory returns

Significant issues may include:


losses and returns

cost structures


internal controls

statutory obligations

Format of reports may include:

cash flow statements

statutory forms

financial year reports

balance sheets

operating statements


electronic forms


The Evidence Guide identifies the critical aspects, underpinning knowledge and skills to be demonstrated to confirm competency for this unit. This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement.

Critical Aspects of Evidence

Organising financial data to highlight relevant features

Presenting of information in comprehensive formats

Completing of Business Activity Statements

Interpreting and identifying applications of statutory requirements

Referring discrepancies outside scope of own responsibility to the appropriate persons

Underpinning Knowledge*

* At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.

The relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

Knowledge of organisational policies and procedures relating to maintaining financial data, reporting, preparing statutory returns

Principles of double entry bookkeeping and accrual accounting

Knowledge of techniques for forecasting and analysis

Understanding methods to present financial data

Knowledge of State and Federal Government taxes and charges

Knowledge of financial legislation

Knowledge of options, methods and practices for deductions, benefits and depreciations

Principles and practices for auditing and reporting

Underpinning Skills

Literacy skills to identify financial information, to follow Australian Accounting and Auditing Standards and the organisation s accounting procedures

Research skills to analyse the organisations financial and business status

Proof reading skills to check accuracy and consistency of information by consulting additional resources

Problem solving skills for a defined range of predictable problems

Report writing skills to assess information for relevance and accuracy from a range of sources

Decision making skills in a limited range of options

Numeracy skills for calculating data, reconciling figures

Planning skills for timetabling and scheduling reports and lodgements

Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities

Resource Implications

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance

In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Context/s of Assessment

Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the Business Services Common Competencies for the particular AQF Level. Refer to the Key Competency Levels at the end of this unit


NB: These levels do not relate to the Australian Qualifications Framework. They relate to the seven areas of generic competency that underpin effective workplace practices.

Collect, analyse and organise information

Communicate ideas and information

Plan and organise activities

Work with others and in teams

Use mathematical ideas and techniques

Solve problems

Use technology

Level 3

Level 2

Level 2

Level 2

Level 3

Level 2

Level 2

Three levels of performance denote level of competency required to perform a task.

1. Perform 2. Administer 3. Design

Collecting, analysing and organising information to forecast and provide recommendations

Communicating ideas and information with members of the work team

Planning and organising activities for completion of statutory returns and reports

Working with teams and others in completing scheduled tasks

Using mathematical ideas and techniques in reconciling financial documents

Solving problems to identify discrepancies and errors

Using technology to complete allocated tasks

Please refer to the Assessment Guidelines for advice on how to use the Key Competencies

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